New Delhi. Before the upcoming festive and wedding season, a mixed trend is being seen in the movement of precious metals in the Indian bullion market. Due to strong signals from international markets and fresh buying by jewelers at the domestic level, gold prices have once again increased. The rate of 24 carat pure gold in the country's major metros—Mumbai, Kolkata and Chennai—has jumped to around ₹1,52,850 per 10 grams. On the other hand, due to sluggish industrial demand and pressure of profit booking, the trend of falling silver prices continues. Globally, the direct impact of signals from the US Federal Reserve regarding interest rates, geopolitical uncertainties and fluctuations in the dollar index is being seen on the bullion market. The strengthening of COMEX gold in the international market has increased the shine of gold at the domestic level as well. However, there is selling pressure on the white metal i.e. silver, due to which retail buyers and investors are keeping their eyes on the next trend of the market. Latest price of gold today in major metros of the country: The estimated retail prices (per 10 grams) of 24 carat, 22 carat and 18 carat gold in the domestic bullion market today are recorded as follows: Mumbai: In the country's financial capital Mumbai, the price of 24 carat pure gold has been recorded at around ₹ 1,52,850 per 10 grams, while the price of 22 carat gold used for making jewelery is around ₹ 1,52,850 per 10 grams. Remains around ₹1,40,110 per 10 grams. Kolkata: In Kolkata, the capital of West Bengal, the rate of 24 carat gold was seen stable at ₹ 1,52,850 per 10 grams and 22 carat gold was seen stable at around ₹ 1,40,110 per 10 grams. Chennai: In Chennai, South India's largest gold market, 24 carat gold price is trading in the range of ₹1,52,850 to ₹1,52,980 per 10 grams due to local demand and octroi taxes. Delhi: In the bullion market of the national capital Delhi, the price of 24 carat gold was recorded at ₹ 1,52,950 per 10 grams and the price of 22 carat gold was recorded at around ₹ 1,40,250 per 10 grams. (Note: The above prices are indicative and do not include 3% GST, local body tax and jewelers' making charges. The total billing rate may vary depending on the input tax on final purchase.) Silver prices continue to fall: What is the main reason? On one hand, gold remains a safe haven for investors, on the other hand, the shine of silver is continuously fading. The retail price of silver in major cities has slipped to the range of ₹2,32,000 to ₹2,33,000 per kg. Commodity market analysts say that prices are not improving due to a temporary slowdown in industrial silver consumption in the electronic manufacturing, solar energy panel and automobile sectors globally. Apart from this, technical profit booking by big traders at higher prices has also put brakes on the upward trend of silver. Which global and domestic factors are behind the rise in gold? Many important factors are working behind this latest surge in gold prices in the Indian market: Advance purchases of weddings and festivals: In view of Diwali, Dhanteras and wedding season, the country's big jewelers and wholesale traders have intensified bulk purchases to secure their inventory. Purchasing by global central banks: Central banks around the world are continuously increasing their holdings of gold in place of dollars in foreign exchange reserves, which is providing strong support to gold. Geopolitical Tension: Demand for gold as a safe haven remains high among institutional investors amid ongoing tensions in West Asia and Eastern Europe. Keep these important things in mind while buying gold. If you are also planning to buy new jewellery, gold coins or bars in the bullion market, then definitely follow these important precautions: Hallmarking and HUID number: Always buy jewelery with 6 digit alphanumeric HUID (Hallmark Unique Identification) code mandated by the Bureau of Indian Standards (BIS). Checking with BIS Care App: Before purchasing, go to 'BIS Care App' on your mobile and enter the 6 digit HUID number printed on the jewelery to confirm its purity (24K, 22K or 18K) and the registration of the jeweller. Making charges and confirmed bill: Making charges vary widely across jewellers, so bargain and always get a confirmed GST bill clearly mentioning purity, weight and rate applicable on that day.
